The US Department of the Treasury and the Internal Revenue Service designated 6,576 census tracts across all 50 states, territories and the District of Columbia as Qualified Opportunity Zones (QOZs). The designations take effect on January 1, 2027, and will last ten years.
Under President Donald Trump’s Working Families Tax Cuts, the Opportunity Zone tax incentive was made permanent. The law also increased incentives for investment in eligible rural communities and established a process to redesignate zones every ten years.
The Treasury Department said the incentives are intended to direct private capital to communities that have been overlooked, support job creation and promote economic growth. More than $110 billion in private-sector investment has been made since the incentives were established under the 2017 Tax Cuts and Jobs Act.
